On 26 February 2025, the European Commission (“Commission”) published its “Omnibus I” or “Sustainability Omnibus” package as part of its mission to improve the competitiveness of the European Union. The Omnibus Package foresees changes to several EU instruments pertaining to sustainability reporting under the Corporate Sustainability Reporting Directive (“CSRD”) and Taxonomy Regulation, sustainability
Sustainable Commercial Paper: Short-Term Paper, Long-Term Impact
Over the past few years, we have seen growing interest in Commercial Paper (CP) programmes with a sustainable focus.
Traditionally used by corporations, financial institutions, sovereigns, and other issuers for short-term liquidity needs, CP is now being adapted to align with environmental, social, and governance (ESG) objectives.
The International Capital Market Association (ICMA) has recognised
“Season’s Green-things” – The EU Green Bond Standard applies from 21 December
Christmas is coming early to the ESG bond market as the new EU Green Bond Standard applies from 21 December 2024.
The new standard is conceptually similar to existing ICMA use of proceeds standards but quite different in the detail.
Under the standard, net proceeds, subject to certain exceptions, must be allocated to EU taxonomy-aligned
ESMA Publishes Guidelines on Establishing Harmonised Criteria for Use of ESG and Sustainability-Related Terms in Fund Names
On 14 May 2024, the European Securities and Markets Authority (“ESMA“) published its final report on “Guidelines on funds’ names using ESG or sustainability-related terms” (the “Guidelines“). The Guidelines aim to provide fund managers with clear and measurable criteria to assess their ability to use ESG and/or sustainability-related terms
UK Financial Conduct Authority Publishes Finalised Guidance on its Anti-Greenwashing Rule
On 23 April 2024, the UK’s Financial Conduct Authority (“FCA“) published its “Finalised non‑handbook guidance on the Anti‑Greenwashing Rule (FG/24/3)” (the “Guidance“). The FCA has published the Guidance to help in-scope firms understand and comply with the anti-greenwashing rule, which will come into effect on 31 May 2024.
Background
The anti-greenwashing rule is
UK Sustainability Disclosure Framework – FCA publishes final rules on Sustainability Disclosure Requirements and investment labels
On 28 November 2023, the UK’s Financial Conduct Authority published its “Sustainability Disclosure Requirements (“SDR“) and investment labels” policy statement (PS23/16) (the “Policy Statement”). The Policy Statement introduces a set of new rules aimed at tackling greenwashing, including investment product sustainability labels and restrictions on how terms like “ESG”, “green” and “sustainable”
MB Microtalk: The Corporate Sustainability Reporting Directive
In this MB Microtalk video, Mayer Brown’s Peter Pears discusses the European Union’s Corporate Sustainability Reporting Directive (the “CSRD”). The directive, which for many companies applies from as early as 1 January 2024, creates detailed sustainability reporting requirements, which may apply for both EU and non-EU companies.
Visit our MB Microtalk page for more
The EU Corporate Sustainability Reporting Directive Is Upon Us – What Non-EU Companies Should Know And Do
The EU Corporate Sustainability Reporting Directive (“CSRD“) entered into force on 5 January 2023 and the associated European Sustainability Reporting Standards (“ESRS“) were adopted by the European Commission on 31 July 2023. Together, the CSRD and ESRS create detailed sustainability reporting requirements that will apply to a significant number of EU
ESMA Release Public Statement on Sustainability Disclosure in Prospectuses
On 11 July 2023, the European Securities and Markets Authority (ESMA) published a public statement on sustainability disclosure in prospectuses.
The statement is addressed to the National Competent Authorities (NCAs) to promote coordinated action regarding sustainability-related disclosure included in prospectuses under current legislation. While the statement is addressed to NCAs, ESMA have said that its
Greenwashing: Navigating the Risk
The risk of an accusation of “greenwashing” is now an important concern for many companies. Greenwashing is an ill-defined concept but, nevertheless, is increasingly a source of litigation and regulatory scrutiny – with more of both expected. It carries with it reputational, regulatory and litigation risks for which companies should be prepared. Whilst the risks